American oil tycoon accused of trying to conspire with OPEC to inflate prices [View all]

[IronLionZion]

https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html



New York
CNN
—
Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.

The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.

Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.

“Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.

Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.

Hmm...maybe it's not Biden's socialist policies keeping prices high, but actually corporate greed. I'm shocked. Shocked I tell you.